Proko Corporation was just issued a charter by the state of New York. This charter gives Proko the authority to issue 300,000 shares of $6 par value common stock. Consider the following transactions:1. Prepare journal entries to record the transactions of Proko Corp. for the month of October.2. Prepare the Paid-In Capital section of Proko Corporation’s balance sheet at the end of the month.201XOct. 9 Issued 2,150 shares of stock for land and building with fair market value of $17,500 and $18,500, respectively.14 Accepted subscriptions to 19,600 shares of stock for $250,000 to be paid in two equal installments.20 Collected first installment on 9,800 shares of common stock subscribed on October 14.26 Sold 6,000 shares of stock for $82,000.28 Collected last installment on 9,800 shares of common stock subscribed on October 14 and issued the shares.